Lagos budgets N7.5trn for 10-yr infrastructure development

Posted by admin Lagos, State News Wednesday, February 2nd, 2011

Lagos State government on Tuesday said $50 billion (N7.5 trillion) will be needed for rapid infrastructural development of Lagos State in the next 10 years. Commissioner for Economic Planning and Budget, Mr. Ben Akabueze who made the revelation at an international press briefing on the state’s budget performance and analysis from 2007 to 2010 said the money would be needed to reverse the sad tale of infrastructural deficit in the state.

Giving a summary of the 2011 budget he said the total budget of N450.775 billion (N198.182 billion recurrent and 252.593 capital) which had been signed into law by Governor Babatunde Fashola was channelled in this light to transform the state.
Akabueze spread the 10 year budget along six sectors: water development ($3 billion), road and drainage ($20 billion), power ($10 billion), (ICT $5 billion), transportation ($9.3 billion), water and sewage, others ($2.7 billion) bringing the total sum needed for the next decade to $50 billion.

Based on this estimate, he said the budget for the year was about $2 billion, adding that the state did not at anytime promise to deliver all roads in the state in a period of four years against publicity in the media that potholes were now common features in some roads in the state.
The commissioner said the state opted to denominate budget for the decade in US Dollars to counter inflationary trend and other sundry factors.

-Sunwp_posts